Ensure you never miss an issue of the
real estate business bulletin
Govts must fix 'inefficient' stamp duty: REIA

Govts must fix 'inefficient' stamp duty: REIA

by Simon Parker 0 comments

Staff Reporter

State and territory governments must reform stamp duty if housing affordability is to be addressed, the Real Estate Institute of Australia (REIA) has claimed.

“Stamp duty has long been identified as the most inefficient of all state taxes,” said the president of the REIA, Pamela Bennett.

“Stamp duty represents additional costs to property transactions, thereby discouraging housing turnover and distorting choices between renting and buying and between moving house and renovating.”

The REIA said each state and territory government would address the issue with their respective Cabinets before the Coalition of Australian Governments (COAG) meets in December, where tax reform will be on the agenda.

Established in 1992, the COAG aims to coordinate activity between the federal government and the six state and two territory governments.

“Discussion is promising but action is required as a reform of stamp duty would increase GDP outcomes and productivity and greatly improve housing affordability,” added Ms Bennett.

“The Henry Tax Review recommended that stamp duty be prioritised in any tax reform agenda and REIA would like to see all governments address the matter in a concerted and coordinated way.”

“While stamp duty falls under state and territory jurisdiction, leadership is required from the federal government. We need a mature discussion at COAG to capitalise on the initiative being shown by state and territory treasurers.”

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Govts must fix 'inefficient' stamp duty: REIA
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?